Visa : Q2 2023 Earnings Release

Visa Inc. Reports Fiscal Second Quarter 2023 Results

San Francisco, CA, April 25, 2023 - Visa Inc. (NYSE: V)

• GAAP net income of $4.3B or $2.03 per share and non-GAAP net income of $4.4B or $2.09 per share
• Net revenues of $8.0B, an increase of 11% and 13% on a constant-dollar basis
• Payments volume, processed transaction and cross-border volume growth remained stable
• Share repurchases and dividends of $3.2B

Income Statement Summary

Q2 2023

In billions, except percentages and per share data.	USD	% Change
% change is calculated over the comparable prior-year period.
Net Revenues	$8.0	11%
GAAP Net Income	$4.3	17%
GAAP Earnings Per Share	$2.03	20%
Non-GAAP Net Income(1)	$4.4	14%
Non-GAAP Earnings Per Share(1)	$2.09	17%

1. Refer to the accompanying financial tables for further details and a reconciliation of the GAAP to non-GAAP measures presented.

Key Business Drivers

YoY increase / (decrease), volume in constant dollars	Q2 2023
Payments Volume	10%
Cross-Border Volume Excluding Intra-Europe(2)	32%
Cross-Border Volume Total	24%
Processed Transactions	12%

Ryan McInerney, Chief Executive Officer, Visa Inc., commented on the

results:

"Visa's strong fiscal second quarter performance reflects continued focus on our growth levers - consumer payments, new flows and value added services. I have been at Visa for nearly a decade and I have never been more excited about the opportunities in front of us. We have a compelling strategy, a world-class team, fantastic clients, and an incredible set of capabilities that I believe are second to none. While there is macroeconomic uncertainty, I feel confident in Visa's ability to manage through changing environments."

1. Cross-bordervolume excluding transactions within Europe.

Fiscal Second Quarter 2023 - Financial Highlights(1)

GAAP net income in the fiscal second quarter was $4.3 billion or $2.03 per share, an increase of 17% and 20%, respectively, over prior year's results. Current year's results included $90 million of net losses from equity investments and $68 million from the amortization of acquired intangible assets and acquisition-related costs. Prior year's results included $127 million of net losses from equity investments, $40 million from the amortization of acquired intangible assets and acquisition-related costs, and $60 million from the Russia-Ukraine charges. Excluding these items and related tax impacts, non-GAAP net income for the quarter was $4.4 billion or $2.09 per share, increases of 14% and 17%, respectively, over prior year's results (refer to the accompanying financial tables for further details and a reconciliation of the GAAP to non-GAAP measures presented). GAAP earnings per share growth was approximately 23% on a constant- dollar basis, which excludes the impact of foreign currency fluctuations against the U.S. dollar. Non-GAAP earnings per share growth was approximately 20% on a constant-dollar basis. All references to earnings per share assume fully-diluted class A share count.

Net revenues in the fiscal second quarter were $8.0 billion, an increase of 11%, driven by the year-over-year growth in payments volume, cross-border volume and processed transactions. Net revenues increased 13% on a constant-dollar basis.

Payments volume for the three months ended December 31, 2022, on which fiscal second quarter service revenues are recognized, increased 7% over the prior year on a constant-dollar basis.

Payments volume for the three months ended March 31, 2023, increased 10% over the prior year on a constant-dollar basis.

Cross-border volume excluding transactions within Europe, which drive our international transaction revenues, increased 32% on a constant-dollar basis for the three months ended March 31, 2023. Total cross-border volume on a constant- dollar basis increased 24% in the quarter.

Total processed transactions, which represent transactions processed by Visa, for the three months ended March 31, 2023, were 50.1 billion, a 12% increase over the prior year.

Fiscal second quarter service revenues were $3.8 billion, an increase of 7% over the prior year, and are recognized based on payments volume in the prior quarter. All other revenue categories are recognized based on current quarter activity. Data processing revenues rose 10% over the prior year to $3.8 billion. International transaction revenues grew 24% over the prior year to $2.7 billion. Other revenues of $551 million rose 16% over the prior year. Client incentives, a contra-revenue item, were $2.9 billion and represented 26.7% of gross revenues.

GAAP operating expenses were $2.6 billion for the fiscal second quarter, an 11% increase over the prior year's results, primarily driven by an increase in personnel expenses. GAAP operating expenses included the amortization of acquired intangible assets and acquisition-related costs in the current and prior year and the Russia-Ukraine charges in the prior year. Excluding these operating expense items, non-GAAP operating expenses increased 13% over the prior year, primarily driven by an increase in personnel expenses.

GAAP non-operating expense was $58 million for the fiscal second quarter, including $90 million of net equity investment losses. Excluding this item, non-GAAPnon-operating income was $32 million.

GAAP effective income tax rate was 19.3% for the quarter ended March 31, 2023. Excluding the related tax impacts from the non-GAAP items noted above, the non-GAAP effective income tax rate was 19.4% for the quarter ended March 31, 2023.

Cash, cash equivalents and investment securities were $19.4 billion at March 31, 2023.

The weighted-average number of diluted shares of class A common stock outstanding was 2.09 billion for the quarter ended March 31, 2023.

1. As previously disclosed, in March 2022, we suspended our operations in Russia and therefore our financial highlights from April 2022 through March 2023 do not include Russia-related results.

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Other Notable Items

On March 15, 2023, the United States Court of Appeals for the Second Circuit affirmed the 2018 damages class settlement, rejecting various objections made by members of the merchant class in the multidistrict litigation. While the Second Circuit decision is a significant step toward resolving this long-standing litigation, the case is not yet fully resolved. In addition, claims by merchants that opted out of the class settlement and by a class of merchants seeking injunctive relief against certain of Visa's rules and practices remain pending.

During the three months ended March 31, 2023, Visa repurchased 10.0 million shares of class A common stock at an average cost of $222.09 per share for $2.2 billion. The Company had $11.8 billion of remaining authorized funds for share repurchase as of March 31, 2023.

On April 25, 2023, the board of directors declared a quarterly cash dividend of $0.450 per share of class A common stock (determined in the case of class B and C common stock and series A, B and C convertible participating preferred stock on an as-converted basis) payable on June 1, 2023, to all holders of record as of May 12, 2023.

Fiscal Second Quarter 2023 Earnings Results Call Details

Visa's executive management team will host a live audio webcast beginning at 5:00 p.m. Eastern Time (2:00 p.m.

Pacific Time) today to discuss the financial results and business highlights. All interested parties are invited to listen to the live webcast at investor.visa.com. A replay of the webcast will be available on the Visa Investor Relations website for 30 days. Investor information, including supplemental financial information and operational performance data, is available on the Visa Investor Relations website at investor.visa.com.

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Forward-Looking Statements

Our earnings release and related materials contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that relate to, among other things, our future operations, prospects, developments, strategies, business growth and anticipated timing and benefits of our acquisitions. Forward-looking statements generally are identified by words such as "anticipates," "believes," "estimates," "expects," "intends," "may," "projects," "outlook," "could," "should," "will," "continue" and other similar expressions. All statements other than statements of historical fact could be forward-looking statements, which speak only as of the date they are made, are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond our control and are difficult to predict.

Actual results could differ materially from those expressed in, or implied by, our forward-looking statements due to a variety of factors, including, but not limited to:

• impact of global economic, political, market, health and social events or conditions, including the war in Ukraine and the sanctions and other measures being imposed in response, and the ongoing effects of the COVID-19 pandemic, including the resumption of international travel;
• increased oversight and regulation of the global payments industry and our business;
• impact of government-imposed obligations and/or restrictions on international payment systems;
• outcome of tax, litigation and governmental investigation matters;
• increasingly intense competition in the payments industry, including competition for our clients and merchants;
• proliferation and continuous evolution of new technologies and business models in the payments industry;
• continued efforts to lower acceptance costs and challenge industry practices;
• our ability to maintain relationships with our clients, acquirers, processors, merchants, payments facilitators, ecommerce platforms, fintechs and other third parties;
• brand or reputational damage;
• exposure to loss or illiquidity due to settlement guarantees;
• a disruption, failure, breach or cyber-attack of our networks or systems;
• risks, uncertainties and the failure to achieve the anticipated benefits with respect to our acquisitions, joint ventures and other strategic investments; and
• other factors described in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended September 30, 2022, and any subsequent reports on Forms 10-Q and 8- K.

Except as required by law, we do not intend to update or revise any forward-looking statements as a result of new information, future events or otherwise.

About Visa Inc.

Visa (NYSE: V) is a world leader in digital payments, facilitating payments transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.

Contacts

Investor Relations	Media Relations
Jennifer Como, 650-432-7644	Andy Gerlt, 650-432-2990
[e-mail]	[e-mail]

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Fiscal Second Quarter 2023 - Financial Summary

Q2 FISCAL 2023 INCOME STATEMENT SUMMARY

	Three Months Ended	YoY Change
		March 31, 2023
		(in millions, except percentages and per share data)
GAAP
Revenues
Service revenues	$	3,771	7%
Data processing revenues		3,819	10%
International transaction revenues		2,749	24%
Other revenues		551	16%
Client incentives		(2,905)	16%
Net revenues		7,985	11%
Total operating expenses	$	2,649	11%
Non-operating income (expense)		(58)	(78%)
Effective income tax rate		19.3%	0 ppt
Net income	$	4,257	17%
Earnings per share	$	2.03	20%
Non-GAAP(1)
Total operating expenses	$	2,581	13%
Non-operating income (expense)		32	(124%)
Effective income tax rate		19.4%	0 ppt
Net income	$	4,384	14%
Earnings per share	$	2.09	17%

1. Refer to the accompanying financial tables for further details and a reconciliation of the GAAP to non-GAAP measures presented.

Q2 FISCAL 2023 KEY BUSINESS DRIVERS

		YoY Change
	Constant	Nominal
Payments volume	10%	6%
Cross-border volume excluding intra-Europe(2)	32%	27%
Cross-border volume total	24%	19%
Processed transactions	12%	12%

1. Cross-bordervolume excluding transactions within Europe.

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